Speculators focused on precious metals’ sharp rise last summer on news of inflation and the Ukraine war. Since then, both and have reached moderate levels but remained high in the consolidation pattern.
However, the recent price movement of silver might give a bullish signal to bullish metals.
Today we will look at the quarterly chart of silver. As you can see, it was in a long-term narrowing pattern, consisting of two large quarterly bullish candles and one bearish candle.
Within this pattern, silver formed a bullish candle in the last quarter at (1) with its price closing at the upper end of the long-term narrowing pattern. If the bulls can follow up with another strong quarter, we might see a breakout for silver and a “victory” celebration for the metals bulls.
And in an uncertain world, you need to be aware of price patterns…especially for precious metals. Will silver go up?
